Singapore remains the most expensive city to live in, says the Economist Intelligence Unit (EIU) in its 2015 Worldwide Cost of Living Report, which means the city state has topped the EIU charts for the past two years.
The EIU study compares the cost of more than 160 services and products including food, clothing and utility bills.
Singapore was found to be 11% more expensive than New York for basic groceries, and its prices for clothes was noted to be “50% higher than New York”, the EIU reported.
“Most significantly, Singapore’s complex Certificate of Entitlement system makes car prices excessive, with Singaporean transport costs almost three times higher than in New York.”
Nevertheless, the EIU noted that Zurich and Geneva might actually be more expensive than Singapore to live in, had it factored in the recent increase in the value of the Swiss franc after Switzerland unpegged its currency from the Euro.
The other cities to top the charts were Paris, Oslo, Zurich and Sydney – meaning the ranking remains the same since last year, which the EIU described as unusual given worldwide drops in oil prices.
The Worldwide Cost of Living is a twice yearly Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
The survey itself is a purpose-built internet tool designed to help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.